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Diokno Sides With "Team Transitory," Warns Against Premature Tightening

PHP

Spot USD/PHP trades +0.016 at PHP50.732 at typing, digesting latest comments from BSP's Diokno. Bulls need a clearance of Oct 12 high of PHP50.885 before taking aim at the round figure/Sep 27 high of PHP51.000/51.036. Meanwhile, bearish focus falls on Oct 8 low/50-DMA at PHP50.385/50.355.

  • USD/PHP 1-month NDF last seen -0.010 at PHP50.850. Bears look for a dip through Oct 7 low/50-DMA at PHP50.490/50.481, while bulls would be pleased by a jump above Sep 27 high of PHP51.520.
  • BSP Gov Diokno sided with "team transitory" and defended holding off on rate hikes as economic recovery is still in nascent state. The Governor judged that the risks from hiking too early outweigh those of hiking too late. The central bank's current inflation forecast for this year is +4.5% Y/Y, but officials expect price growth to east to +3.3% in 2022 & +3.2% in 2023.
  • House Speaker Velasco said that lawmakers want to submit the 2022 national budget to the Senate on Oct 27 to allow Pres Duterte to sign off on it by December.
  • Philippine budget balance will hit the wires on Friday.
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